TNP Strategic Retail Trust Sells Carl's Jr.® Parcel at Craig Promenade, a Retail Center in North Las Vegas, Nevada
IRVINE, Calif., Oct. 6, 2011 /PRNewswire/ -- TNP Strategic Retail Trust, Inc. (the "Company"), a publicly registered non-traded REIT that invests in grocery and drug-store anchored, multitenant necessity retail properties, announced today the sale of the Carl's Jr. parcel at Craig Promenade, an 86,395-square-foot retail center in North Las Vegas, Nevada, to an unaffiliated 1031 buyer.
"This is the second parcel sale at Craig Promenade," said Thompson National Properties executive vice president, real estate, Tim O'Brien. "There has been a lot of interest in our pads and this sale generates a significant gain for TNP Strategic Retail Trust."
Constructed in 2005, Craig Promenade is anchored by Big Lots™, a national retailer. Other tenants include MetroPCS®, Party Pro, Polo Cleaners and Teriyaki Madness.
About TNP Strategic Retail Trust, Inc.
TNP Strategic Retail Trust, Inc. is a publicly registered non-traded REIT that invests in grocery and drug-store anchored, multitenant necessity retail properties, located primarily in the Western United States, and real estate related assets, including investment in or origination of mortgage, mezzanine, bridge and other loans related to commercial real estate. As of September 30, 2011, TNP Strategic Retail Trust has issued 4,553,590 shares of common stock. The Company currently pays a monthly distribution that equates to an annual 7 percent distribution. For more information regarding TNP Strategic Retail Trust, please visit www.tnpsrt.com.
About Thompson National Properties, LLC
Thompson National Properties, LLC (TNP) is an international real estate advisory company, specializing in the creation and management of real estate investment funds. TNP uses a variety of investment structures to fit the needs of its investors, which are designed for both institutional and high net worth individual investors. Thompson National Properties is also a leader in both property and asset management and receivership services, a key element in any successful commercial real estate investment in today's lender-driven marketplace.
Headquartered in Irvine, California, Thompson National Properties was founded in April 2008 and has seven regional offices. As of October 6, 2011, Thompson National Properties manages a portfolio of 154 commercial properties, in 31 states, totaling more than 19.1 million square feet, on behalf of over 4,000 investor/owners with an overall purchase value of $2.4 billion dollars. TNP has expanded its operations to the Middle East to provide valuation and advisory services on over 2.3 million square feet of real estate in Saudi Arabia. For more information regarding Thompson National Properties, please visit www.tnpre.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
SOURCE TNP Strategic Retail Trust, Inc.